An Emergency Swiss Rescue, A Liquidity Crunch, & ‘We Love NYC’ 03/20/23
The Swiss government has helped broker a deal for UBS to acquire its embattled rival Credit Suisse in an “emergency rescue” to curb global contagion in the financial sector. Joe Kernen, Becky Quick, and Andrew Ross Sorkin unpack the details of the deal and whether it will work in stabilizing banks and investors. Steve Liesman explains, the Federal Reserve is coordinating with other central banks to improve global liquidity with enhanced swap lines. Sen. Bill Cassidy (R-LA), a member of the Senate Finance Committee, considers the banking regulations that could mitigate poor management in…
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